2025年，当互联网的注意力仍聚焦于流量与配送的"最后一公里"时，追觅科技的创始人俞浩，已将视野投向了更为辽阔的物理世界。这家公司的扩张步伐， 快得有些令人目眩。 年初，"追觅系"刚在清洁电器之外，试探性地涉足充电宝、运动相机等领域；转眼间，无人机、造车、大家电乃至智能手机，这些公认的红海战场，都已被 俞浩清晰地划入版图。 一场从"小米生态链企业"向庞然巨物的蜕变，正以近乎决绝的速度上演。业内的观察从好奇转为惊愕：这家以扫地机器人闻名的公司，想要的似乎远不止成 为下一个戴森。 而一切的注脚，落在俞浩一条广为流传的朋友圈上。 据俞浩所说，从明年年底开始，追觅生态旗下的多个业务将在全球交易所"下饺子"般批量IPO。这多少有些颠覆过往独角兽企业依托单一主业成长、最终整 体上市的传统叙事，也迥异于巨头通过长期投资构建帝国的方式。追觅选择了一条更多元的道路：多业务线并行，独立分拆上市。 从财务视角看，这无疑是估值管理的艺术，旨在挣脱家电行业固有的低市盈率束缚，让每个故事都闪耀在独立的资本聚光灯下。而从组织与野心的维度审 视，这也像一场押注，它固然能最大限度地激发各业务的潜能与估值，但也往往伴随协同成本激增与"大企业病" ...

Core Insights - The Chinese smartphone market is characterized by intense competition and significant innovation, with a shift towards high-end models, contributing over 25% of the global high-end smartphone market share by mid-2025 [2][3]. Market Dynamics - The market has transitioned from growth-driven strategies to a focus on capturing existing market share, necessitating deeper competitive advantages for manufacturers [3]. - Consumer preferences are evolving, with a greater emphasis on user experience, technology integration, and brand value rather than just specifications [3]. Competitive Landscape - The top six manufacturers are projected to hold approximately 95% of the market share from July 2024 to August 2025, with Huawei, Vivo, and Xiaomi collectively accounting for over 50% [3][4]. - Huawei, Xiaomi, and Vivo represent distinct strategic approaches within the market, each successfully navigating the competitive landscape [4][5]. Huawei's Strategy - Huawei adopts a high-altitude strategy focused on building a robust technological foundation, investing heavily in R&D, with expenditures exceeding 20% of revenue in 2024 [8]. - The return of the Kirin 9010 chip has revitalized Huawei's smartphone business, allowing it to secure a position in the lucrative high-end market [9]. Xiaomi's Approach - Xiaomi's strategy emphasizes horizontal expansion and ecosystem development, creating a vast network of interconnected smart devices [10][11]. - The company's unique "investment + incubation" model facilitates rapid product category expansion while maintaining high cost-performance ratios [10]. Vivo's Long-Term Strategy - Vivo's approach is characterized by a focus on user satisfaction and long-term value accumulation, prioritizing user experience over aggressive market expansion [15][16]. - The company has consistently invested in areas that enhance user experience, such as high-quality audio and innovative imaging technologies [17][19]. Recent Developments - Vivo's latest X300 series exemplifies its strategic focus on user-centric innovation, featuring advanced imaging capabilities and a collaborative development approach with industry leaders [26][30]. - The introduction of the "4K 60FPS cinematic portrait video" function in the X300 series addresses user demands for high-quality video production [30]. Conclusion - The competition among Huawei, Xiaomi, and Vivo illustrates the depth and maturity of the Chinese smartphone industry, with each brand carving out its unique identity and market position [35][36]. - The high-end market is seen as the ultimate battleground, where each company's distinct strengths will be tested against consumer preferences and market dynamics [36].